Improve your employee retention strategies to save on costs.

Employee turnover continues to be a major problem for businesses of all shapes and sizes. High employee turnover costs business owners in time and productivity. It’s been estimated that a lost employee can cost 6 to 9 months of that employee’s salary on average. To keep your top talent loyal and satisfied, it could be time to improve employee retention strategies.

Hire the Best

The best way to keep a stable team is to hire a loyal one in the first place. Easier said than done, right? Ask candidates questions about their job history, why they left previous jobs, and attempt to narrow down your candidates to the loyal ones.

Give Your Employees the Metrics They Need

It’s no secret that people have a deep desire to feel they’re succeeding and that their talents and capabilities are being used to make a difference in the company. It’s not enough to give vague (even if well-intended) feedback. Your employees want to see the results of their work to know they’re appreciated. Whether it’s a review every 6 months or regular emails about their progress, keep your employees in the loop.

Recognize a Healthy Work/Life Balance

To help your employees work at their most efficient level, you will have to help them identify a healthy work/life balance. Ensure that your workers get enough time to recharge their batteries so that they don’t start to harbor ill will against you or the company.

Foster Respect

More than ever, people are looking for respect at their jobs. They don’t want to feel devalued or replaceable. The top five things employees are looking for in a job is:

Stability

Compensation

Respect

Health benefits

Work-life balance

If you’re not scoring on all of these, it’s time to reassess your business priorities.

When you focus on bettering your business, take a look at your insurance policies. Start updating your company today with the right business insurance and limits of coverage. Visit Nahai Insurance Services to get started today!